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Blom Bank Says 2011 Profit Rose on Increase in Lending

Jan. 25 (Bloomberg) -- Blom Bank SAL, the largest Lebanese lender by profit, said 2011 profit increased 0.3 percent from the previous year on a growth in lending.

Net income rose to $331.5 million, the Beirut-based bank said in an e-mailed statement.

The results “confirm Blom Bank’s strong and balanced performance at a time of political tensions and disturbances in the region, coinciding with a debt crises and economic slowdown at the global level,” the bank said in the statement.

A revolt against Syrian President Bashar al-Assad broke in March amid popular movements that toppled leaders in Tunisia, Egypt and Libya, while forcing Yemen’s President Ali Abdullah Saleh to agree to cede power. The Beirut-based bank operates branches outside Lebanon including in Syria and Egypt.

Total assets increased 3.7 percent to $23.2 billion. Deposits rose 3.5 percent to $20.3 billion and loans advanced 8 percent to $5.6 billion, according to the bank.

To contact the reporter on this story: Massoud A. Derhally in Beirut, Lebanon at

To contact the editors responsible for this story: Andrew J. Barden at

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